Three Things You Need To Understand About Fleet Insurance For Your Trucks

Insurance Blog

If you are a business owner who owns a handful of trucks, you may not think that you qualify for truck insurance for commercial fleets. You know that there are likely to be advantages to it, but these advantages are only enjoyed by large firms that own large fleets, numbering in the hundreds. These fleets often transport goods that can extend to a radius of a couple of hundred miles from a centralized warehouse. Before you dismiss the idea of fleet insurance, there are a few things you should know.

You may qualify for a commercial fleet insurance policy 

Not every business owner with just a few trucks is excluded from the benefits of this type of policy. The minimum number of trucks will depend upon the insurance company, so you will need to inquire about specifics. This type of policy will likely save you money because insuring several trucks together can be cheaper for an insurance company, and they pass some of these savings to you.

Policies that cover any driver are more expensive

It is certainly easier to have a policy that covers any driver with any truck, but you have to understand that these policies are more expensive. Any time you can name the driver for a particular truck, you will save money. Of course, you will likely want an alternative driver named in the policy because there will be times when a driver is not able to work that day. But the fewer drivers you have per truck, the lower your insurance premiums will be.

You will need to create a system for your fleet

Because certain drivers will be assigned to certain trucks, each truck will need to be identified clearly to all of your drivers. They will need to understand their assignments, as well as which alternative trucks they will be allowed to drive. When a driver's employment is terminated, there must be a procedure for notifying the commercial truck insurance company with the new driver's name and driver's license, along with which truck(s) they will be assigned to.

If you are a business owner that utilizes a number of trucks, you may qualify for fleet insurance. This type of insurance will often save money on your premiums, especially when you assign specific drivers to each truck on the policy. You will need to create a system where drivers know which truck is theirs, along with a policy of notifying the insurance company of any driver changes.


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